|ENTERPRISE PRODUCTS PARTNERS L P filed this Form 8-K on 01/31/2018|
Total debt principal outstanding at December 31, 2017 was $24.8 billion, including $3.2 billion of junior subordinated notes, to which the debt rating agencies ascribe partial equity content. At December 31, 2017, Enterprise had consolidated liquidity of approximately $3.7 billion, which was comprised of unrestricted cash on hand and available borrowing capacity under our revolving credit facilities.
Total capital spending in the fourth quarter of 2017 was $1.0 billion, which includes $80 million of sustaining capital expenditures. Capital spending for the year was $3.4 billion, which included $244 million of sustaining capital expenditures. For 2018, we currently expect to invest approximately $3 billion for growth capital projects and approximately $325 million for sustaining capital expenditures.
2017 K-1 Tax Packages
The Enterprise K-1 tax packages are expected to be made available online through our website at www.enterpriseproducts.com by noon (CT) on February 23, 2018 and will be mailed beginning that day as well.
Conference Call to Discuss Fourth Quarter 2017 Earnings
Enterprise will host a conference call today to discuss fourth quarter 2017 earnings. The call will be broadcast live over the Internet beginning at 9:00 a.m. (CT) and may be accessed by visiting the partnership’s website.
Use of Non-GAAP Financial Measures
This press release and accompanying schedules include the non-GAAP financial measures of total gross operating margin, distributable cash flow and Adjusted EBITDA. The accompanying schedules provide definitions of these non-GAAP financial measures and reconciliations to their most directly comparable financial measure calculated and presented in accordance with GAAP. Our non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income, operating income, net cash flow provided by operating activities or any other measure of financial performance calculated and presented in accordance with GAAP. Our non-GAAP financial measures may not be comparable to similarly-titled measures of other companies because they may not calculate such measures in the same manner as we do.